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← Museum Of Power

2024-05-31-accounts

REGISTERED COMPANY NUMBER: 03203668 (England and Wales) REGISTERED CHARITY NUMBER: 1087459

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

MUSEUM OF POWER

Baverstocks Limited Statutory Auditor Chartered Certified Accountants Dickens House Guithavon Street Witham Essex CM8 1BJ

MUSEUM OF POWER

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 8
Report of the Independent Auditors 9 to 12
Statement of Financial Activities 13
Balance Sheet 14 to 15
Cash Flow Statement 16
Notes to the Cash Flow Statement 17
Notes to the Financial Statements 18 to 27
Detailed Statement of Financial Activities 28 to 29

MUSEUM OF POWER

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MAY 2024

Trustees Ms I E Allen (appointed 9.6.2024)
T Barber (appointed 19.12.2023)
Ms A E Bell (appointed 9.6.2024)
S E Capper
Dr R Griffin
J H Lowe
R D Waylen
C D Waylen (appointed 19.12.2023)
G Wood (resigned 24.11.2023)
Company secretary T A Soame
Registered office Steam Pumping Station
Hatfield Road
Langford
Maldon
Essex
CM9 6QA
Registered company number 03203668 (England and Wales)
Registered charity number 1087459
Auditors Baverstocks Limited
Statutory Auditor
Chartered Certified Accountants
Dickens House
Guithavon Street
Witham
Essex
CM8 1BJ
Solicitors Birketts LLP
Brierly Place
New London Road
Chelmsford
Essex
CM2 0AP
Senior management P Breeze, Treasurer
D Thomas, Manager

1

MUSEUM OF POWER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

Objectives and aims

The objective of the trust is the advancement of education by acquiring, housing and exhibiting, conserving, restoring and repairing objects and collections of an educational nature and by establishing, acquiring, managing and maintaining museums, galleries, libraries and other places where such purposes may be achieved and where education and educational research and enquiry and the exchange and dissemination of relevant views and information may happen.

The Museum of Power aims to conserve heritage artefacts (especially engineering related) to help educate visitors (especially young people) about science, technology, engineering and mathematics (STEM) and broaden this to include arts (STEAM) and to serve our local community.

This is achieved through three main channels:-

Ensuring our work delivers our aims

The Trustees confirm they comply with the requirements of the Charities Act and its own Governance document. In setting their objectives and planning their activities the Trustees have considered the Charity Commission's guidance on public benefit.

The aims and objectives and activities are reviewed on an annual basis and updated during the year depending upon the feedback from visitors and the wider community.

2

MUSEUM OF POWER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024

Objectives and activities Significant activities

The year 2023/2024 has been dominated by the implementation activities associated with the National Lottery Heritage Fund (NLHF) grant for the refurbishment, relocation and interpretation of the Museum's collection, the construction of an extension to house a new entrance area and shop for the museum and an extended and redecorated tearoom with redecorated and new toilets. The Board of Directors are satisfied that the planned works meet the Museum's needs and that it was affordable.

The outcome at the end of the planning exercise was that a grant was agreed with NLHF, which was increased from the original offer due to the significant rise in construction costs, and work commenced on June 5th of the 2023/2024 Financial Year. The extended grant of £1.63m offered by the NLHF is in addition to the matched funding raised by the Museum of £278,000. We thank all contributors of funds be they individual or corporate. We are very grateful to the Garfield Weston Foundation for its contribution of £50,000, Northumbrian Water Group for its contribution of £12,000 and the legacy of £50,000 left in the will of Michael Clark, an avid supporter of and volunteer at the MoP. The Board agreed to allocate £90,000 of our unallocated reserves to the project and some £37,500 in kind was provided from the work of our volunteers on the project.

To carry out the implementation of the project, the Museum had to be closed to visitors from the start of the physical work. It partially re-opened on 3rd October 2023 and fully on the 1st December 2023.

The construction work on the project was awarded to T J Evers based in Tiptree. The work was carried out with the minimum of surprises and with a very good standard of Health and Safety oversight.

The design and implementation of the internal presentation of our collection and the external signage and finishings was carried out by Imagemakers, a highly thought of company in the museum business. They followed our work by producing a refurbished museum for the Chelsea Pensioners: Imagemakers obviously got a taste for working with elderly gentlemen!! The great architectural and services designs were provided by Ingleton Wood, based out of Colchester.

The MoP recovered well following the Covid pandemic and the cost-of-living crisis. In the financial year 2023/2024 we received 5,663 Museum visitors. This was down on the previous year total of 6,233 due to the Museum being closed for 12 weeks of modifications over our peak operating period. However, when making a comparison of Sept/October 2022 versus September/October 2024 during which the Museum was fully open in both periods, we have seen a 6.8% increase in visitors.

We also continue to attract event visitors but, however, have seen four of the major events in 2023/2024 impacted by adverse weather. During the Museum full/partial closures a strong programme of events was delivered on the field and part courtyard areas. Jan - October 2023 reflected 13,186 attendees and 10,316 in 2024. We are now building a programme of smaller events that will include more smaller events/workshops which is now providing an approximate 10% year on year rise in income.

We have received many plaudits from visitors on the changes that have been made. These cover the layout based the 4 themes of Power of Transport, at Home, at Work and of Water. The presentational methods and the explanatory information. We still have more to do. Particularly with the help of new technology.

The project was scheduled to finish at the end of November 2024. This included, however, a new building for Education. we have been held up by issues of Planning Permission surrounding possible flooding exacerbated by Global Warming. The NLHF, as helpful as ever, has therefore extended the completion date to the end of March 2025. The key information is the publication of a reviewed Flood Risk Assessment by Maldon District Council. This is promised imminently, and we are hoping for a constructive outcome.

3

MUSEUM OF POWER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024

Objectives and activities Public benefit

Serving the community is achieved by three main channels:-

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Education

The education delivery for school students has recovered extremely well in the face of difficult financial issues for schools. Thanks to our educational team for their work. A network of schools has been established that use the Museum for their STEM subjects' classes in support of the school curriculum.

June 2022 - May 2023 31 visits - 1,296 pupils
June 2023 - May 2024 32 visits - 1,927 pupils
29 visits confirmed so far with more awaiting to be confirmed - 2,019 pupils
June 2024 - May 2025 so far

Our education offering has been very successful in 2023/2024. Hard work by staff and volunteers has attracted an increased number of school visits. We have been thankful for the presence of the marquee to enable the Museum to cater for up to 90 children within one visit: this size of group is driven by schools wanting to minimise the costs of transport to get here.

We have begun to explore offerings for more mature students and initial discussions with Brentwood School, Anglia Ruskin University and Colchester Institute have begun which could provide some interesting possibilities in the coming year.

Volunteers

The social engagement through the volunteer network has continued and we have successfully managed to re-engage with most of the volunteers upon reopening, although there is a shortage of volunteers for some of the events.

We acknowledge the contribution made by our volunteers without whom the Museum would not continue to exist. Many hours were put in during the year with overall membership numbers remaining static, however it is recognised that improvements to induction, management and support are required, and practices and procedures are under review with support from external consultants. These inputs are being paid for within the NLHF project.

The Museum supports work experience through local communities for vulnerable people and has also provided access to the grounds for residents to use the riverside and countryside walks. Playground equipment has also been installed for the younger children to use and will be developed further through grant awards.

Strategic report

Financial position

During the year the charity has once again made a surplus which has been increased due to the lottery funding.

4

MUSEUM OF POWER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024

Strategic report Financial review

Principal funding sources

Fundraising activities have been successful. This has been due to the major fund-raising events being well attended by the public. The source of income is as follows:

Membership fees and donations £19,554
Visitors fees, train rides and shop £30,095
Catering franchise £9,000
Events and venue hire £88,897
School and group visits £15,283

Investment policy and objectives

The museum does not make grants or undertake social investments within the local communities.

Funds not immediately required for operations are held in an interest-bearing account. A periodic review of alternative accounts to determine if a better return can be obtained is undertaken.

Reserves policy

The Board has maintained a cash-based reserve to cover unforeseen eventualities and meet operational commitments. The value set by the board is £40,000.

In addition to an operating reserve, additional reserves are being held to support the matched funding requirements for the planned lottery grant. Due to the good financial performance this year it has been possible

to meet the NLHF matched funding amounts when considered with the outstanding pledges which are to be received when the museum accepts the grant.

Future plans

Accessibility

We had submitted a bid to the Arts Council of England for some £290,000 to enable the courtyard to be improved to provide a smoother surface. The bid also includes monies to provide better walks around the site. The MoP will have to find around £30,000 matched funding to fully complete the proposed work. We were advised in April 2024, that we had been successful. Some preparatory work has taken place but until we have clarity on the flooding situation, no significant work can be started.

Future Power

We are starting to plan how we will design our ability to "celebrate the past and explore the future". This will deliver our belief that more needs to be said and done to educate the population about the issues for power in the future and to present straightforward explanations of how these issues may be resolved.

Museum Essex and Museum Development Southeast Grant Awards

Great support has been provided by these two organisations in providing funding for contactless donation points so that we can maximise our donation opportunities in a world which is extensively paperless in financial transactions and help the environment in reducing the transportation of paper notes to be banked.

Accreditation

We are anticipating that our accreditation will be reviewed in 2025. This is a vital assessment that enables museums to obtain access to many sources of funding. It has been much delayed by the COVID pandemic. As yet, we have no date for it, but we will be beginning preparation in the new year. Graham Wood was our expert on this subject, and he will be sorely missed.

James Gulleford has taken on the lead for accreditation with a team of internal assistants and other input from regional museum sources with experience of the accreditation process.

5

MUSEUM OF POWER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024

Structure, governance and management

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The organisation is a charitable company, limited by guarantee, incorporated on 24 May 1996 with the latest amendment in October 2015 and registered as a charity on 11th July 2001. The company was established under

a Memorandum of Understanding and governed by the associated Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.

Recruitment and appointment of new trustees

At the beginning of 2023/24, we had 5 Directors/Trustees. Our maximum is 9. With the loss of Graham Wood in November 2023, we were down to 4. It became a little perilous.

The Board undertook the task to increase the number, Two volunteers offered themselves for election at the last AGM. Colin Waylen and Tim Barber were elected by the members: Colin is leading the maintenance needs and Tim the projects requirements.

It was, however, considered necessary that the Board should cover the subjects of Volunteering and Community. Such functions have become a key requirement in the process of accreditation: this, in turn, opens the doors to sources of funding, particularly from Government-backed sources such as Arts Council of England. During the latter months of 2023/24, searches were undertaken to find two Directors to fill these positions.

Through local knowledge, 2 candidates were identified, interviewed and co-opted to the Board. For Volunteering, Ms Ann Bell was chosen for her extensive background in education and support for the volunteers at Chelmsford Cathedral.

For Community dealings Ms Irene Allen, a long-time local resident and Chairperson of Langford and Ulting Parish Council and a long-term supporter and member of the Museum was similarly chosen and co-opted.

Both these Directors have offered themselves for confirmation at this AGM as per the rules of the Museum.

All members of the Trustee Board give their time voluntarily and receive no benefits from the charity.

The landlord of the Museum site and principal sponsor of the Museum has the right to nominate a representative and exercise that right through an elected Trustee. The potential conflict of loyalty has been acknowledged and monitored by the Board. Currently there is no landlord representation.

Organisational structure

The Board of Trustees has overall responsibility for the direction and operation of the charity; it has a Management Committee to undertake all operational responsibilities and has established a Funding Committee to manage financial viability going forward.

The Museum employs three staff members, two of which are full time staff, (Museum Manager and Assistant Manager) and one part-time (Events Manager) to undertake the daily operational management of the Museum and to provide the outward looking services in support of the operational aims. Additional contracted staff may be employed to cover short term events and services. The Museum Manager has a direct line report to one of the Directors.

Induction and training of new trustees

A procedure is in place for the induction of new Trustees and Volunteers and appropriate documentation provided to them as well as training.

This has been extensively reviewed and developed by a suitable consultant under the auspices of the Powering Forward project.

All new Trustees are required to sign the Trustee Declaration Form and are annually required to confirm they are not automatically disqualified by events outside the knowledge of the charity.

6

MUSEUM OF POWER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024

Structure, governance and management

Related parties

Northumbrian Water Group are the landlords and principal on-going sponsor of the Museum.

Risk management

The charity remains a going concern with clear strategies and plans. A Risk Management process is in place and is regularly reviewed by the Trustee Board. The short-term risks are dominated by the proposed NLHF project

"PoweringForward" and the mitigation formed part of the due diligence process before accepting the Grant

For the longer term the museum's operational risks remain:

The loss of valuable expertise in an ageing volunteer workforce. At the Trustee Board level, a review

Statement of trustees' responsibilities

The trustees (who are also the directors of Museum of Power for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

7

MUSEUM OF POWER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024

Auditors

P F Michael were re-appointed at the 2022 AGM as the charitable company's auditors during the year and had expressed their willingness to continue in that capacity. However, a few months after the start of the year June 1st 2022 - May 31st 2023, when asked to prepare our accounts they informed us of a decision to close the company and withdrew from our contract.

The Directors replaced P F Micheal with Devines - an accounting company based in Chelmsford. Devines were appointed at the 2023 AGM. The Board became very disappointed with their performance in meeting the necessary deadlines needed to satisfy the Charity Commission. The contract between the Museum and Devines was terminated in July of 2024.

After a short search, Baverstocks of Witham were approached, interviewed (July 2024) and formally appointed in September 2024. They have been working on this year's accounts. As required by the Museum's Memoranda and Articles, they are offering themselves for re-election at this year's AGM.

Report of the trustees, 27/03/2025 incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:

Roger Griffin

. ~~......................................................~~ signed on 27/03/2025, 16:53:04 GMT .......... Dr R Griffin - Trustee

8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MUSEUM OF POWER

Opinion

We have audited the financial statements of Museum of Power (the 'charitable company') for the year ended 31 May 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MUSEUM OF POWER

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MUSEUM OF POWER

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to assessing the risks of material misstatement due to fraud and noncompliance with laws and regulations was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to compliance with the Companies Act 2006, Financial Reporting Standard 102 Charities SORP, Charities Act 2011 and relevant tax legislation.

We assessed the risks of material misstatements in respect of fraud and determined that the principal risks were related to posting of journal entries to manipulate the results for the financial year. We made enquiries of management during the audit to determine any instances of fraud, while also discussing the areas of risk in relation to audit as part of our audit team meeting.

Based upon the results of our risk assessment we designed our audit procedures to identify noncompliance with such laws and regulations identified above and also material misstatements in respect of fraud as follows:-

Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

11

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MUSEUM OF POWER

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Baverstocks Limited Statutory Auditor Chartered Certified Accountants Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Dickens House Guithavon Street Witham Essex CM8 1BJ 28/03/2025 Date: .............................................

12

MUSEUM OF POWER

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024

Notes
Income and endowments from
Donations and legacies
2
Charitable activities
4
Charitable activities
Other trading activities
3
Other income
Total
Expenditure on
Raising funds
5
Charitable activities
6
Charitable activities
Grant Funding
Other
Total
NET INCOME
Transfers between funds
16
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
4,179
14,944
147,094
-
166,217
42,328
29,555
-
55,987
127,870
38,347
(2,538)
35,809
165,106
200,915		 Restricted
funds
£
1,426,163
-
-
-
1,426,163
855
88,046
-
-
88,901
1,337,262
2,538
1,339,800
175,328
1,515,128		 2024
Total
funds
£
1,430,342
14,944
147,094
-
1,592,380
43,183
117,601
-
55,987
216,771
1,375,609
-
1,375,609
340,434
1,716,043		 2023
Total
funds
£
30,444
1,650
149,107
5,000
186,201
46,935
60,984
3,655
55,052
166,626
19,575
-
19,575
320,859
340,434

The notes form part of these financial statements

13

MUSEUM OF POWER

BALANCE SHEET

31 MAY 2024

Notes
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors
Amounts falling due within one year
15
Net current assets
Total assets less current liabilities
NET ASSETS/(LIABILITIES)
Funds
16
Unrestricted funds
Restricted funds
Total funds		 Unrestricted
funds
£
19,764
669
9,663
176,856
187,188
(6,037)
181,151
200,915
200,915		 Restricted
funds
£
1,480,448
-
250
49,251
49,501
(14,821)
34,680
1,515,128
1,515,128		 2024
Total
funds
£
1,500,212
669
9,913
226,107
236,689
(20,858)
215,831
1,716,043
1,716,043
200,915
1,515,128
1,716,043		 2023
Total
funds
£
21,887
596
341,292
274,659
616,547
(298,000)
318,547
340,434
340,434
165,106
175,328
340,434

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

27/03/2025 The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

Roger Griffin

signed on 27/03/2025, 16:53:04 GMT ~~.............................................~~

The notes form part of these financial statements

continued...

14

MUSEUM OF POWER

BALANCE SHEET - continued 31 MAY 2024

R Griffin - Trustee

The notes form part of these financial statements

15

MUSEUM OF POWER

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2024
£
1,470,571
1,470,571
(1,519,123)
(1,519,123)
(48,552)
274,659
226,107		 2023
£
18,832
18,832
(4,232)
(4,232)
14,600
260,059
274,659

The notes form part of these financial statements

16

MUSEUM OF POWER

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY 2024

1.
Reconciliation of net income to net cash flow from operating activities
2024
£
Net income for the reporting period (as per the Statement of
Financial Activities)
1,375,609
Adjustments for:
Depreciation charges
40,798
Loss on disposal of fixed assets
-
(Increase)/decrease in stocks
(73)
Decrease/(increase) in debtors
331,379
(Decrease)/increase in creditors
(277,142)
Net cash provided by operations
1,470,571		 2023
£
19,575
4,283
30,990
348
(317,212)
280,848
18,832
2. Analysis of changes in net funds
At 1.6.23 Cash flow At 31.5.24
£ £ £
Net cash
Cash at bank and in hand 274,659 (48,552) 226,107
274,659 (48,552) 226,107
Total 274,659 (48,552) 226,107

The notes form part of these financial statements

17

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

1. Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Museum of Power meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Critical accounting judgements and key sources of estimation uncertainty

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income and endowments

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support activities are allocated based on the spread of staff costs.

continued...

18

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024

1. Accounting policies - continued

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support and governance costs

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold - Over the term of the Lease
Improvements to property - Over the term of the Lease
Plant and machinery - 15% on reducing balance
Improvements to Exhibition - 15% on reducing balance
Computer equipment - 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is considered to pass the tests set out in paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

19

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024

1. Accounting policies - continued

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. Donations and legacies

Donations and legacies
Donations
Grants		 Unrestricted
funds
£
4,179
-
4,179		 Restricted
funds
£
50,301
1,375,862
1,426,163		 2024
Total
funds
£
54,480
1,375,862
1,430,342		 2023
Total
funds
£
30,444
-
30,444

Grants received, included in the above, are as follows:

Grant
Other trading activities
Unrestricted
funds
£
Subscriptions
3,104
Concerts
-
Events
143,990
147,094
Income from charitable activities
Activity
Other income
Charitable activities		 Restricted
funds
£
-
-
-
-		 2024
£
1,375,862
2024
Total
funds
£
3,104
-
143,990
147,094
2024
£
14,944		 2023
£
-
2023
Total
funds
£
2,745
5,444
140,918
149,107
2023
£
1,650

3. Other trading activities

4. Income from charitable activities

continued...

20

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024

5. Raising funds

Other trading activities

Unrestricted
funds
£
Purchases
5,467
Direct costs
36,861
42,328
Charitable activities costs
Charitable activities
Support costs
Charitable activities
Support costs, included in the above, are as follows:
Wages
Social security
Pensions
Auditors' remuneration
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Accountancy fees
Legal fees
Repairs and maintenance
Computer software
Advertising
Staff training
Cleaning
Depreciation of tangible fixed assets
Loss on sale of tangible fixed assets		 Restricted
funds
£
-
855
855
Direct
Costs
£
3,505		 2024
2023
Total
Total
funds
funds
£
£
5,467
10,317
37,716
36,618
43,183
46,935
Support
costs (see
note 7)
Totals
£
£
114,096
117,601
Governance
costs
£
114,096
2024
2023
Charitable
Total
activities
activities
£
£
31,872
1,223
2,437
243
576
61
4,800
-
7,673
5,389
1,726
1,037
939
1,419
1,043
964
4,619
3,143
1,800
1,800
494
441
5,588
5,997
611
197
3,088
1,024
5,439
83
593
925
40,798
4,283
-
30,990
114,096
59,219

6. Charitable activities costs

7. Support costs

continued...

21

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024

8. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£ £
Auditors' remuneration 4,800 -
Depreciation - owned assets 40,798 4,282
Deficit on disposal of fixed assets - 30,990

9. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 May 2024 nor for the year ended 31 May 2023.

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year

. No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023.

10. Staff costs

11.

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Administration staff
No employees received emoluments in excess of £60,000.
Comparatives for the statement of financial activities
Unrestricted
funds
£
Income and endowments from
Donations and legacies
6,364
Charitable activities
Charitable activities
1,650
Other trading activities
143,663
Other income
5,000
Total
156,677		 2024
£
86,019
2,437
1,822
90,278
2024
3
Restricted
funds
£
24,080
-
5,444
-
29,524		 2023
£
51,117
4,127
1,091
56,335
2023
3
Total
funds
£
30,444
1,650
149,107
5,000
186,201

continued...

22

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024

11. Comparatives for the statement of financial activities - continued Comparatives for the statement of financial activities - continued
Unrestricted Restricted Total
funds funds funds
£ £ £
Expenditure on
Raising funds 46,935 - 46,935
Charitable activities
Charitable activities 60,023 961 60,984
Grant Funding - 3,655 3,655
Other 55,052 - 55,052
Total 162,010 4,616 166,626
NET INCOME/(EXPENDITURE) (5,333) 24,908 19,575
Transfers between funds (72,729) 72,729 -
Net movement in funds (78,062) 97,637 19,575
Reconciliation of funds
Total funds brought forward 243,168 77,691 320,859
Total funds carried forward 165,106 175,328 340,434
12. Tangible fixed assets
Improvements
Short to Plant and
leasehold property machinery
£ £ £
Cost
At 1 June 2023 51,595 - 19,411
Additions - 963,334 8,935
At 31 May 2024 51,595 963,334 28,346
Depreciation
At 1 June 2023 41,666 - 9,321
Charge for year 329 10,885 1,961
At 31 May 2024 41,995 10,885 11,282
Net book value
At 31 May 2024 9,600 952,449 17,064
At 31 May 2023 9,929 - 10,090

continued...

23

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024

12. Tangible fixed assets - continued

Cost
At 1 June 2023
Additions
At 31 May 2024
Depreciation
At 1 June 2023
Charge for year
At 31 May 2024
Net book value
At 31 May 2024
At 31 May 2023
13.
Stocks
Stocks
14.
Debtors: amounts falling due within one year
Trade debtors
Other debtors
Prepayments and accrued income
15.
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income
Deferred government grants		 Improvements
to
Exhibition
£
-
546,854
546,854
-
27,343
27,343
519,511
-		 Improvements
to
Exhibition
£
-
546,854
546,854
-
27,343
27,343
519,511
-		 Computer
equipment
£
3,275
-
3,275
1,407
280
1,687
1,588
1,868
2024
£
669
2024
£
1,770
1,457
6,686
9,913
2024
£
14,987
-
5,871
-
20,858		 Totals
£
74,281
1,519,123		 Totals
£
74,281
1,519,123		 Totals
£
74,281
1,519,123
1,593,404
52,394
40,798
93,192
1,500,212
21,887
2023
£
596
2023
£
5,687
537
335,068		 2023
£
596
341,292
2023
£
3,312
130
12,024
282,534
298,000

continued...

24

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024

16. Movement in funds

Unrestricted funds
General fund
Restricted funds
Heritage lottery
Education fund
Living well fund
TOTAL FUNDS		 At 1.6.23
£
165,106
171,606
571
3,151
175,328
340,434		 Net
movement
in funds
£
38,347
1,338,807
-
(1,545)
1,337,262
1,375,609		 Transfers
between
funds
£
(2,538)
2,538
-
-
2,538
-		 At
31.5.24
£
200,915
1,512,951
571
1,606
1,515,128
1,716,043

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Heritage lottery
Living well fund
TOTAL FUNDS		 Incoming
resources
£
166,217
1,425,863
300
1,426,163
1,592,380		 Resources
expended
£
(127,870)
(87,056)
(1,845)
(88,901)
(216,771)		 Movement
in funds
£
38,347
1,338,807
(1,545)
1,337,262
1,375,609

Comparatives for movement in funds

Unrestricted funds
General fund
Michael Clark fund
Restricted funds
Heritage lottery
Education fund
Living well fund
Heritage engineering
TOTAL FUNDS		 At 1.6.22
£
193,168
50,000
243,168
70,037
3,571
2,475
1,608
77,691
320,859		 Net
movement
in funds
£
(5,333)
-
(5,333)
25,569
-
(633)
(28)
24,908
19,575		 Transfers
between
funds
£
(22,729)
(50,000)
(72,729)
76,000
(3,000)
(271)
-
72,729
-		 At
31.5.23
£
165,106
-
165,106
171,606
571
1,571
1,580
175,328
340,434

continued...

25

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024

16. Movement in funds - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Heritage lottery
Living well fund
Heritage engineering
TOTAL FUNDS		 Incoming
resources
£
156,677
29,224
-
300
29,524
186,201		 Resources
Movement
expended
in funds
£
£
(162,010)
(5,333)
(3,655)
25,569
(633)
(633)
(328)
(28)
(4,616)
24,908
(166,626)
19,575

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Michael Clark fund
Restricted funds
Heritage lottery
Education fund
Living well fund
Heritage engineering
TOTAL FUNDS		 At 1.6.22
£
193,168
50,000
243,168
70,037
3,571
2,475
1,608
77,691
320,859		 Net
movement
in funds
£
33,014
-
33,014
1,364,376
-
(2,178)
(28)
1,362,170
1,395,184		 Transfers
between
funds
£
(25,267)
(50,000)
(75,267)
78,538
(3,000)
(271)
-
75,267
-		 At
31.5.24
£
200,915
-
200,915
1,512,951
571
26
1,580
1,515,128
1,716,043

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Heritage lottery
Living well fund
Heritage engineering
TOTAL FUNDS		 Incoming
resources
£
322,894
1,455,087
300
300
1,455,687
1,778,581		 Resources
expended
£
(289,880)
(90,711)
(2,478)
(328)
(93,517)
(383,397)		 Movement
in funds
£
33,014
1,364,376
(2,178)
(28)
1,362,170
1,395,184

continued...

26

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024

17. Related party disclosures

There were no related party transactions for the year ended 31 May 2024.

27

MUSEUM OF POWER

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024

Unrestricted
funds
£
Income and endowments
Donations and legacies
Donations
4,179
Grants
-
4,179
Other trading activities
Subscriptions
3,104
Concerts
-
Events
143,990
147,094
Charitable activities
Other income
14,944
Other income
Other income
-
Total incoming resources
166,217
Expenditure
Other trading activities
Fundraising costs
5,467
Direct costs
36,861
42,328
Charitable activities
Direct costs
-
Rent
-
Advertising
-
Trade subscriptions
820
820
Other
Wages
54,147
Social security
-
Pensions
1,246
Repairs and maintenance
594
55,987		 Restricted
funds
£
50,301
1,375,862
1,426,163
-
-
-
-
-
-
1,426,163
-
855
855
625
1,220
-
840
2,685
-
-
-
-
-		 2024
Total
funds
£
54,480
1,375,862
1,430,342
3,104
-
143,990
147,094
14,944
-
1,592,380
5,467
37,716
43,183
625
1,220
-
1,660
3,505
54,147
-
1,246
594
55,987		 2023
Total
funds
£
30,444
-
30,444
2,745
5,444
140,918
149,107
1,650
5,000
186,201
10,317
36,618
46,935
3,983
588
45
804
5,420
49,894
3,884
1,030
244
55,052

Support costs

This page does not form part of the statutory financial statements

28

MUSEUM OF POWER

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024

Unrestricted
funds
£
Support costs
Governance costs
Wages
2,631
Social security
-
Pensions
70
Auditors' remuneration
3,000
Insurance
6,921
Light and heat
1,726
Telephone
939
Postage and stationery
930
Sundries
2,976
Accountancy fees
1,800
Legal fees
494
Repairs and maintenance
3,087
Computer software
305
Advertising
844
Staff training
714
Cleaning
175
Short leasehold
329
Improvements to property
-
Plant and machinery
1,514
Improvements to exhibitions
-
Computer equipment
280
Loss on sale of tangible fixed assets
-
28,735
Total resources expended
127,870
Net income
38,347		 Restricted
funds
£
29,241
2,437
506
1,800
752
-
-
113
1,643
-
-
2,501
306
2,244
4,725
418
-
10,885
447
27,343
-
-
85,361
88,901
1,337,262		 2024
Total
funds
£
31,872
2,437
576
4,800
7,673
1,726
939
1,043
4,619
1,800
494
5,588
611
3,088
5,439
593
329
10,885
1,961
27,343
280
-
114,096
216,771
1,375,609		 2023
Total
funds
£
1,223
243
61
-
5,389
1,037
1,419
964
3,143
1,800
441
5,997
197
1,024
83
925
1,752
-
2,201
-
330
30,990
59,219
166,626
19,575

This page does not form part of the statutory financial statements

29